Registered number
03953329
Forward Land Limited
Filleted Accounts
30 June 2023
Forward Land Limited
Registered number: 03953329
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 8,250,000 8,250,000
Current assets
Debtors 5 333,497 518,251
Cash at bank and in hand 508,009 252,656
841,506 770,907
Creditors: amounts falling due within one year 6 (575,226) (631,791)
Net current assets 266,280 139,116
Total assets less current liabilities 8,516,280 8,389,116
Creditors: amounts falling due after more than one year 7 (2,774,375) (2,866,625)
Provisions for liabilities (602,597) (602,597)
Net assets 5,139,308 4,919,894
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,139,208 4,919,794
Shareholders' funds 5,139,308 4,919,894
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 5 form part of these financial statements.
Forward Land Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, except for investment property, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. There is uncertainty regarding the impact on the company’s tenants and uncertainty regarding the timing of receipts. The directors are satisfied that cash resources can be made available to the company, if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and have prepared the accounts on a going concern basis.
Turnover
Turnover, representing rents and service charges received on properties, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is credited to profit or loss on a straight-line basis over the term of the lease.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, using the straight line method:
Fixtures and fittings 20% per annum
Investment properties
Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Taxation on profit 2023 2022
£ £
UK corporation tax on profits of the year - -
Adjustment in respect of previous years - -
Total current tax - -
Movement in deferred tax liability - -
Taxation on profit - -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2023 2022
£ £
Profit before tax 219,414 312,165
Profit at the standard rate of corporation tax in the UK: 44,971 59,311
Effects of:
Group relief (44,971) (59,311)
Taxation on profit for the year - -
3 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
4 Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 July 2022 8,250,000
At 30 June 2023 8,250,000
Depreciation
At 1 July 2022 -
At 30 June 2023 -
Net book value
At 30 June 2023 8,250,000
At 30 June 2022 8,250,000
The historical cost of investment properties is £4,377,036 (2022: £4,377,036).
Investment properties have been revalued by the directors for the year ended 30 June 2023 and are stated at open market value.
5 Debtors 2023 2022
£ £
Amounts falling due within one year:
Trade debtors 75,270 257,903
Other debtors 258,227 260,348
333,497 518,251
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 100,000 100,000
Trade creditors 16,317 40,455
Amounts owed to group undertakings 362,559 326,472
Taxation and social security costs - 9,472
Other creditors 96,350 155,392
575,226 631,791
Amounts owed to group undertakings are interest free and unsecured.
The bank loan is secured by legal charge on the freehold property of the company and is at a commercial rate of interest.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,774,375 2,866,625
The bank loan is secured by legal charge on the freehold property of the company and is at a commercial rate of interest.
8 Controlling party
The company is a subsidiary of Satnam Investments Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party of the company is S S Dhillon, a director of the company.
9 Other information
Forward Land Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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